The Kamenetsk impact structure is a deeply eroded simple crater that formed in crystalline rocks of the Ukrainian Shield. This study presents structural, lithologic, and shock metamorphic evidence for an impact origin of the Kamenetsk structure, which was previously described as a paleovolcano. The Kamenetsk structure is an oval depression that is 1.0–1.2 km in diameter and 130 m deep. The structure is deeply eroded, and only the lower part of the sequence of lithic breccia has been preserved in the deepest part of the crater to recent time, while the predominant part of impact rocks and postimpact sediments was eroded. Manifestations of shock metamorphism of minerals, especially planar deformation features in quartz and feldspars, were determined by petrographic investigations of lithic breccia that allowed us to determine the impact origin of the Kamenetsk structure. The erosion of the crater and surrounding target to a minimal depth of 220 m preceded the deposition of the postimpact sediments. The time of the formation of the Kamenetsk structure is bracketed within a wide interval from 2.0 to 2.1 Ga, the age of the crystalline target rocks, to the Late Miocene age of the sediments overlaying the crater. The deep erosion of the structure suggests it is probably Paleozoic in age.